roarintiger1 - 12/8/2018 06:21
coup - 12/7/2018 17:12
roarintiger1 - 12/7/2018 15:35
If you happen to be in the 28% tax bracket, and add in your 15% SE tax, and........you get the entire $1.65, you will be paying 71 cents of it back in taxes. Of course, this isn't even counting your state and local taxes. :(
IT IS NOT GOING TO COST THE GOVERNMENT VERY MUCH! And yes, I was yelling.
There is no 28% tax bracket. Income above $128,400 for joint filers. Total fed tax from $128,400 - $165,000 = 24.9 %. Below 128,400 in 22% tax bracket = 37.3 %. . $160,000 - $315,000 = 26.9%
Also 20% of income is tax free in 2018. So Gov isn't going to get back near what you were projecting.
https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/[/...
OK so.......the effective rate after the 20% reduction from the 24.9% bracket is 19.9% plus the SE tax 15.3 % so..........35.2 % of the $1.65 soybean payment is 58 cents. 58 cents instead of 71 cents....I stand corrected. That my, friend is still a lot of money the government will be getting back.
You don't understand taxes very well if you think what you posted is true. For one thing self employed, in reality only pay half of 15..3 % as they get to expense half of it. Once get above SS limit only pay Medicare part of SS @ 2.9%.
If person got 100,000 MFP - $20,000 = $80,000 taxable x 30% = $24,0000 = about 40 cents of the $1.65 .
Times up USDA. Farmers need to know status of 2nd half MFP
